Wednesday, April 17, 2019

The Future of Banking in Africa

The Transparency of Mobile Payments

The big advantage of African banking is that they are starting from a blank slate in the 21st century.  While Western companies have moved from cash to checks, and then credit cards, Africans are moving straight from cash to mobile web payments.  Africans are embracing mobile payments, and the continent is already starting to see changes in transparency and less corruption.  NGOs are now starting to distribute aid directly to individuals or small groups through mobile payments, rather than try to pass money in large blocks through government agencies—where corruption takes a large percentage.